铁矿石定价金融化背景下钢铁企业的对策研究

发布时间：2018-04-09 21:34

本文选题：进口铁矿石　切入点：定价机制　出处：《华东师范大学》2013年硕士论文

【摘要】：自2003年中国加入世贸组织以来,工业呈现出爆炸式增长态势,钢铁需求量持续高速增长。从2003年中国超越日本成为世界上最大的铁矿石进口国以后,对铁矿石进口的依赖程度越来越高,并且进口铁矿石的价格也逐年攀升。但与世界上最大的进口国地位不相称的是,中国在国际铁矿石贸易中缺少定价权。在进口铁矿石定价金融化的国际背景下,本文通过分析铁矿石的定价机制,研究我国钢企应运用何种金融工具应对变化,具有重要的现实意义。本文拟将采用文献研究、比较研究、案例分析等方法分析铁矿石定价金融化趋势对我国钢企的影响,并针对钢企应该如何运用金融工具加以应对,进行深层次探讨。本文一共分五个部分。第一部分主要阐述了本文的研究背景及意义、文献综述、研究方法及框架安排,确立本文的研究方向；第二部分为期货市场功能的理论概述,通过对期货两大功能(价格发现及规避风险)的阐述,为中国钢企参加掉期交易提供了理论基础；第三部分通过对铁矿石贸易发展的历史和现状分析,探讨中国钢企在缺乏定价权的历史背景下,必须使用金融衍生品工具来规避风险的原因;第四部分主要通过中日大型钢企应对策略的经验借鉴,用案例研究的方法总结经验教训,突出日本大型钢企对金融手段的利用来化解风险,说明了参加掉期交易的必要性;第五部分建议中国钢企及铁矿贸易公司通过各种金融手段来化解铁矿石价格大幅波动带来的风险。本文最后得出结论：中国钢企在铁矿石定价金融化背景下,通过参与掉期交易,并在掉期交易中规避交易风险,可摆脱铁矿石进口大国缺乏话语权的局面。这对大型钢企降低铁矿石采购风险,实现健康持久的发展,具有重要意义。
[Abstract]:Since China joined the WTO in 2003, the industry has been increasing explosively, and the demand for steel has been increasing at a high speed.Since China overtook Japan as the world's largest importer of iron ore in 2003, it has become increasingly dependent on iron ore imports and the price of imported iron ore has been rising year by year.But unmatched by the world's largest importer, China lacks pricing power in international iron ore trade.Under the international background of the financialization of import iron ore pricing, it is of great practical significance to analyze the pricing mechanism of iron ore and to study which financial instruments should be used to deal with the changes in China's steel enterprises.This paper intends to use the methods of literature research, comparative study and case study to analyze the influence of iron ore pricing financialization trend on Chinese steel enterprises, and to discuss how steel enterprises should use financial tools to deal with it.This paper is divided into five parts.The first part mainly describes the research background and significance of this paper, literature review, research methods and framework arrangements, establish the research direction of this paper; the second part is the theoretical overview of the function of futures market.By expounding the two functions of futures (price discovery and risk avoidance), it provides a theoretical basis for Chinese steel enterprises to participate in swap transactions. The third part analyzes the history and present situation of iron ore trade development.This paper discusses the reasons why Chinese steel enterprises must use financial derivatives to avoid risks in the historical background of lack of pricing power. The fourth part mainly draws lessons from the experiences of the coping strategies of large steel enterprises in China and Japan.Using the method of case study to sum up the experience and lessons, to highlight the Japanese large steel enterprises to the use of financial means to resolve the risk, explained the necessity of participating in swap transactions;The fifth part recommends that Chinese steel enterprises and iron ore trading companies use various financial means to mitigate the risk of sharp fluctuations in iron ore prices.Finally, this paper draws a conclusion: under the background of iron ore pricing financialization, Chinese steel enterprises can get rid of the lack of voice in the big iron ore importing countries by participating in swap transactions and avoiding transaction risks.This is of great significance for large steel enterprises to reduce the risk of iron ore procurement and achieve healthy and lasting development.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F426.1

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